https://www.taxtmi.com/caselaws?id=313320 ITAT Mumbai upheld AO's reopening of assessment u/s 147 after finding assessee failed to file mandatory Audit Report u/s 50B(3) for slump sale, constituting non-disclosure of material facts despite CIT(A)'s contrary finding. For LTCG computation on slump sale, matter remanded to AO for independent valuation and to adopt net worth per section 50B(3) with Explanation-2. Following SC precedent in Checkmate Services, disallowed employees' PF/ESI contributions paid after due date u/s 36(1)(va). Reassessment validity upheld, LTCG computation remanded, PF/ESI deduction rejected. en-us Thu, 25 May 2023 00:00:00 +0530 Sat, 06 Apr 2024 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313320 ITAT Mumbai upheld AO's reopening of assessment u/s 147 after finding assessee failed to file mandatory Audit Report u/s 50B(3) for slump sale, constituting non-disclosure of material facts despite CIT(A)'s contrary finding. For LTCG computation on slump sale, matter remanded to AO for independent valuation and to adopt net worth per section 50B(3) with Explanation-2. Following SC precedent in Checkmate Services, disallowed employees' PF/ESI contributions paid after due date u/s 36(1)(va). Reassessment validity upheld, LTCG computation remanded, PF/ESI deduction rejected. Case-Laws Income Tax Thu, 25 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313320